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Oct 26, 2012
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title i of dodd-frank. right now, as you heard, it designates, in effect, the the statute designates 36 bank holding companies as liable to create instability in the u.s. economy if they fail. in addition, it goes on to permit the financial stability oversight council to designate an unknown number of additional nonbank institutions that could create instability in the u.s. economy if they fail. now, what does it mean when congress gives this authority to the fsoc or designates these, this notion in the statute? what it says is these institutions are too big to fail. so not only are we worried about the problem of too big to fail, but we have now made the problem worse by actually embedding it in the statute for these banking institutions and permitting the fsoc to designate certain institutions, and we understand just from reading the newspapers that they have four institutions in mind that are large insurance companies and in one case a finance company to be designated as too big to fail. okay, what does
title i of dodd-frank. right now, as you heard, it designates, in effect, the the statute designates 36 bank holding companies as liable to create instability in the u.s. economy if they fail. in addition, it goes on to permit the financial stability oversight council to designate an unknown number of additional nonbank institutions that could create instability in the u.s. economy if they fail. now, what does it mean when congress gives this authority to the fsoc or designates these, this...
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Oct 27, 2012
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tide l i of dodd-frank. right now, as you heard, it designates, in effect, the statute designates 36 bank holding companies as libel to create instability in the u.s. economy if they fail. in addition, it goes on to permit the financial state of the oversight council to designate an unknown number of additional notary public-bank institution -- non-bank institutions that could create instability in the u.s. economy if they fail. what does it mean when congress gives this authority to the fsoc or designates these -- this notion in the statute? what it says is these institutions are too big to fail so not only are we worried about the problem of too big to fail, but we have now made the problem worse by actually embedding it in the statute for the banking institutions and permitting the fsoc to designate certain institutions, and we understand just from reading the newspapers as we have for institutions in mind that are large insurance companies and in one case a finance company, to be designated as too big to
tide l i of dodd-frank. right now, as you heard, it designates, in effect, the statute designates 36 bank holding companies as libel to create instability in the u.s. economy if they fail. in addition, it goes on to permit the financial state of the oversight council to designate an unknown number of additional notary public-bank institution -- non-bank institutions that could create instability in the u.s. economy if they fail. what does it mean when congress gives this authority to the fsoc...
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Oct 27, 2012
10/12
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good dodd/frank act went too far? while much is still speculation sums says it is already in the act to about the efficacy of the dodd/frank act. in the summer of 2008 with the enactment of dodd/frank following the worst financial crisis since the '30's, the federal reserve and other financial regulators asked congress for three types of tools to address one fend off incidents that would threaten or harm stability. first we asked for a third stage authority to take the financial system into account and beyond the traditional safety and soundness. second we asked for action by congress to fill in the gaps with the framework established from the regulatory system to cover parts that were not covered to allow from the shadow banking system. and for the war did not -- unwinding of the failing firm outside of bankruptcy. dodd/frank tried to address these request. the dodd/frank act has enhanced supervisory authority. in particular section 165 requires more stringent standards be applied to a golding company is that are imp
good dodd/frank act went too far? while much is still speculation sums says it is already in the act to about the efficacy of the dodd/frank act. in the summer of 2008 with the enactment of dodd/frank following the worst financial crisis since the '30's, the federal reserve and other financial regulators asked congress for three types of tools to address one fend off incidents that would threaten or harm stability. first we asked for a third stage authority to take the financial system into...
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Oct 26, 2012
10/12
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title 1, title 1 of dodd-frank. right now, as you heard, it december ignates 36 bank holding companies as liable to create instability in the u.s. economy if they fail. in addition, it goes on to permit the financial stability oversight council to designate an unknown number of additional non-bank institutions that could create instability in the u.s. economy if they fail. now what does it mean when congress gives this authority to the f.s.o.c. or december ignates this notion in the statute? what it says is these institutions are too big to fail. so not only are we worried about the problem of too big to fail but we've made the problem worse by embedding it in the statute for these banking ins institutions and perpting them to designate certain institutions and we understand from them reading the newspapers they have four institutions in mind that are large insurance companies and in one case a finances company to be designated as too big to fail. what does it mean, what effect does it have? it means credtors will l
title 1, title 1 of dodd-frank. right now, as you heard, it december ignates 36 bank holding companies as liable to create instability in the u.s. economy if they fail. in addition, it goes on to permit the financial stability oversight council to designate an unknown number of additional non-bank institutions that could create instability in the u.s. economy if they fail. now what does it mean when congress gives this authority to the f.s.o.c. or december ignates this notion in the statute?...
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Oct 10, 2012
10/12
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but when he says he wants to get rid of dodd-frank there would be no bigger kiss than to get rid of dodd-frank. so when romney says i'm going to get rid of dodd-frank but replace it it reminds me for years we have the presidential candidates with secret plans that never come up. all of the secret plans that these candidates have -- romney has a secret plan to replace dodd-frank, to save medicare a plan to save social security. >> eliot: let's take the boca rule where you put capital at great risk the republican party has been fighting that one tooth and nail and if there is one piece of dodd-frank that is critical, that's it. so is romney now saying he is for the vogel rule? >> it was reported today that gold sack which gave a lot of money to obama in '08 has moved all of its money to romney. much of their revenue and much of their bonus money comes from these highly leveraged high-risk debts that they did, but that's where the huge cash and bonuses come from, and the vogel rule prohibits it. it has been more intense than anything else this rule. there is no way romney is going to support the
but when he says he wants to get rid of dodd-frank there would be no bigger kiss than to get rid of dodd-frank. so when romney says i'm going to get rid of dodd-frank but replace it it reminds me for years we have the presidential candidates with secret plans that never come up. all of the secret plans that these candidates have -- romney has a secret plan to replace dodd-frank, to save medicare a plan to save social security. >> eliot: let's take the boca rule where you put capital at...
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Oct 30, 2012
10/12
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dodd-frank act. so in my view we are, we have already stymied the growth of our economy and once these regulations start coming out in greater detail there will be lawsuits about them by just about over industry and company and those lawsuits will go on for years, with questions about the validity of the regulations and even whether, even whether the congress had the authority to grant those powers to a regulatory agency, all of that litigation will take many, many more years and it will continue to slow down the growth of the economy. so my view, if i had any anything to say about it, would be that we ought to, we ought to repeal dodd-frank as governor romney has suggested. we ought to repeal dodd-frank and reprays it with those things that are necessary. and i'm afraid that there is very little in this act that is necessary because the financial crisis also in my view was not caused by a lack of regulation. there was plenty of power in the bank regulators to regulate the economy, regulate the way t
dodd-frank act. so in my view we are, we have already stymied the growth of our economy and once these regulations start coming out in greater detail there will be lawsuits about them by just about over industry and company and those lawsuits will go on for years, with questions about the validity of the regulations and even whether, even whether the congress had the authority to grant those powers to a regulatory agency, all of that litigation will take many, many more years and it will...
WHUT (Howard University Television)
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Oct 2, 2012
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tell me how tough it dodd-frank is. >> dodd-frank against regulators authority to be very tough, but it is up to the regulators. i would agree with you, the response implementation so far has been somewhat tepid. part of that, again, is relentless industry lobbying. members of congress have tried to stop regulationthe sec have to be funded every year through congressional appropriations. other regulators are self- funded. they do not have to go to congress for funding. industry lobbyists to try to hold back their appropriations. it is a very difficult situation. the present needs to stand up and support of the regulatory process. have the back of the regulators. the regulators need to stand up to it, to permit the volcker rule was the prime example of something that could be very positive to constrain risk- taking on wall street. the role that was proposed have a lot of exceptions to it, carried detailed and complex, it very difficult to enforce. i am hoping they simplify it before they do. again, it is up to the regulators to use these tools. dodd-frank gave them the tools, but they
tell me how tough it dodd-frank is. >> dodd-frank against regulators authority to be very tough, but it is up to the regulators. i would agree with you, the response implementation so far has been somewhat tepid. part of that, again, is relentless industry lobbying. members of congress have tried to stop regulationthe sec have to be funded every year through congressional appropriations. other regulators are self- funded. they do not have to go to congress for funding. industry lobbyists...
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Oct 6, 2012
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it's time to savor. >>> dodd-frank. it's an 848 page bohemuth that's going to be followed by thousands and thousands of pages of new regulations. these new regulations are even invading the freedom of everyday americans, not just the banks and the corporations, but citizens. there's always been something uniquely brilliant about america. i don't believe the president understands this fundamental secret of america and day by day job killing regulation by regulation, bureaucrat by bureaucrat he's crushing the dream and the dreamers. >> mitt romney giving a speech at the university of chicago where that kind of sentiment goes over very well on march 19th. a very, very different note he was striking than the kind of very warm words that he had for regulation in the abstract of the debate the other night. we have congressman maxine waters on the line and we're talking about this point that mitt romney had maide basically saying it is the delay in promulgating the rules of an acceptable standard mortgage that is the cause of
it's time to savor. >>> dodd-frank. it's an 848 page bohemuth that's going to be followed by thousands and thousands of pages of new regulations. these new regulations are even invading the freedom of everyday americans, not just the banks and the corporations, but citizens. there's always been something uniquely brilliant about america. i don't believe the president understands this fundamental secret of america and day by day job killing regulation by regulation, bureaucrat by...
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Oct 7, 2012
10/12
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let me mention another regulation of dodd frank. you say we were giving mortgages to people who weren't qualified. that's right. that's one of the reasons for the great financial calamity we had. dodd frank correctly said, fee we need to have qualified mortgages. if you give a mortgage that's not qualified, there are big penalties. but they didn't define what a qualified morning was. >> jim: all right. >> it's two years, we don't know what a qualified mortgage is yet. so banks are reluctant to make mortgages, try to get a mortgage. it's hurt the housing market because dodd frank didn't anticipate putting in place the kinds of regulations you have to have. it is not that dodd frank was always wrong. sometimes they didn't come out with a clear regulation. i will make sure we don't hurt the functioning of our marketplace because i want to bring back housing and get good jobs. >> jim: i think we have another clear difference between the two of you. now, let's move to health care, where i know there is a clear difference. and that has to
let me mention another regulation of dodd frank. you say we were giving mortgages to people who weren't qualified. that's right. that's one of the reasons for the great financial calamity we had. dodd frank correctly said, fee we need to have qualified mortgages. if you give a mortgage that's not qualified, there are big penalties. but they didn't define what a qualified morning was. >> jim: all right. >> it's two years, we don't know what a qualified mortgage is yet. so banks are...
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Oct 30, 2012
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2010 dodd-frank law. the first panel looking at whether it goes far enough to protect the nation from another financial crisis the featured speakers include scott alvarez, the general counsel of the federal reserve and richard, the acting counsel of the fdic. this portion is one hour and 20 minutes. >> good morning. i am honored to be the moderator of this distinguished panel, and i know we are going to have an interesting discussion and a little bit of debate. the good news is we don't have to compete with monday night football and the playoffs. gentlemen, let me take a couple of minutes to kind of set the stage for the discussion. what is fascinating is the dodd-frank act, landmark financial reform legislation has provoked more controversy in discussion since it has been passed than even before it was passed. 2010 was a pretty easy call for politicians in some respects going into the 2010 election cycle because public opinion polls overwhelmingly seem to demonstrate that americans have a vivid awareness
2010 dodd-frank law. the first panel looking at whether it goes far enough to protect the nation from another financial crisis the featured speakers include scott alvarez, the general counsel of the federal reserve and richard, the acting counsel of the fdic. this portion is one hour and 20 minutes. >> good morning. i am honored to be the moderator of this distinguished panel, and i know we are going to have an interesting discussion and a little bit of debate. the good news is we don't...
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Oct 26, 2012
10/12
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does dodd-frank make those kind of bailouts? bailing out risky bets easier or harder for these big financials institutions to do? >> it, i'm not sure it makes it any easier than it was before but helps institutionalize what was possible before so it could happen again. it did not end the problem which is one of the so-called promises for the statute to end the problem t perpetuates it and makes it worse. liz: what must you think when you see mitt romney has been recipient way more wall street money and that includes some of the biggest financial houses? he talked very tough, dodd-frank gave them a big kiss. so he makes it sounds like he would be a lot tougher on the banks but the banks are behaving because they could get some sort of deal from him because they are donating money to him? >> i don't think governor romney will give them any good deal if he is elected president but at the same time i also don't think he will demonize them. even what he said last week or 10 days ago was not the kind of rhetoric which think has been s
does dodd-frank make those kind of bailouts? bailing out risky bets easier or harder for these big financials institutions to do? >> it, i'm not sure it makes it any easier than it was before but helps institutionalize what was possible before so it could happen again. it did not end the problem which is one of the so-called promises for the statute to end the problem t perpetuates it and makes it worse. liz: what must you think when you see mitt romney has been recipient way more wall...
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Oct 4, 2012
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he said he had wanted to repeal dodd-frank. does anyone think the big problem we had is that there was too much oversight and regulation of wall street? if you do, governor romney is your candidate. that is not what i believe. >> that is not the facts. we have to have regulation on wall street. i would not designate five banks as too big to fail and give them a blank check. that is one of the unintended consequences of dodd-frank. we need to get rid of that provision. regional and small banks are getting hurt. you say we were giving mortgages to people who were not qualified. that is one of the reasons for the great financial calamity. dodd-frank says we need to have qualified mortgages or there are big penalties. they never defined what a qualified mortgage is. it has been two years. we do not know what a qualified mortgage is. banks are reluctant to give loans. it did not anticipate putting in place the kinds of regulations you have to have. sometimes they did not come off with clear regulation. i had to make sure that we do
he said he had wanted to repeal dodd-frank. does anyone think the big problem we had is that there was too much oversight and regulation of wall street? if you do, governor romney is your candidate. that is not what i believe. >> that is not the facts. we have to have regulation on wall street. i would not designate five banks as too big to fail and give them a blank check. that is one of the unintended consequences of dodd-frank. we need to get rid of that provision. regional and small...
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Oct 11, 2012
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dodd-frank, health care, so we re-litigate. we should get it right the first time and move on but we did not. >> to the extent there has been a marked absence of collaboration or friction between the worlds of politics and business, you but the lion's share on the political side? >> i would put more on the political side. everyone i know is coming down and asking what they can do for help. it surprised me when someone asked a question, do you want universal health care pro- american citizens, 80% say yes. they wanted done right a certain way, but there was a huge effort to pull together to make it work. it didn't happen. you know politics far better than i do. it didn't happen. it still could, so let's do it again. let's try again. we know it to ourselves to the best we can. >> let me put this out there for regulatory concerns. there is something of potential in the pendulum of over regulation. there is one school of thought that it has gone too far, the other that it has not gone far enough. >> we have a lot of people with dee
dodd-frank, health care, so we re-litigate. we should get it right the first time and move on but we did not. >> to the extent there has been a marked absence of collaboration or friction between the worlds of politics and business, you but the lion's share on the political side? >> i would put more on the political side. everyone i know is coming down and asking what they can do for help. it surprised me when someone asked a question, do you want universal health care pro- american...
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under the dodd frank act? it is a 2000 page missive that is still so hard of a law to implement, it is taking years for regulators to do that. if i could maybe start with scott. what should be the priorities under your view? >> the way we approach the priority is to refocus our supervision beyond just safety and soundness to include financial stability as something we look out -- look at and think about in our daily supervision. we have begun to focus on the key parts of regulation we think most important -- capitals very important. risk-management. then we have done the best to fill it in the agenda beyond that that congress has set for us. but the priority has been improvements in supervision and capital. >> i would agree with his point but i think for us, the interplay between title one and title to an ending too big to fail to the heightened supervision to address the issues on the front end as well as the ability through title to to make sure we do not have a situation in the future where we have to bail
under the dodd frank act? it is a 2000 page missive that is still so hard of a law to implement, it is taking years for regulators to do that. if i could maybe start with scott. what should be the priorities under your view? >> the way we approach the priority is to refocus our supervision beyond just safety and soundness to include financial stability as something we look out -- look at and think about in our daily supervision. we have begun to focus on the key parts of regulation we...
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frank price of all imitates bailouts no it doesn't at all if you look at the language of dodd frank it gave the fed more power to give loans to these institutions on wall street they're too big to fail institutions are all bigger now ever since the meltdown on wall street that that in receded sadly frank no they're bigger now than they were when the economy melted down two thousand is in style bring all businesses are bigger now but the economy has grown judge frank didn't solve any of the problems a systemic problems we had wall street it didn't do do anything to go it that so so would you suggest that we break up the big banks but no way i think we should repeal dodd frank. you don't like god frank is it doesn't brag of the big banks that they wouldn't want is that got me an annoyed me about this debate last night is that jim lehrer's question was about the regulatory state and all of us on the president turns it to to an issue of dodd frank and the fact is that we cannot as a society ignore the fact that we have a regulatory state that cost the american economy two trillion dolla
frank price of all imitates bailouts no it doesn't at all if you look at the language of dodd frank it gave the fed more power to give loans to these institutions on wall street they're too big to fail institutions are all bigger now ever since the meltdown on wall street that that in receded sadly frank no they're bigger now than they were when the economy melted down two thousand is in style bring all businesses are bigger now but the economy has grown judge frank didn't solve any of the...
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Oct 4, 2012
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let me mention other regulation in dodd-frank. you're saying we're giving mortgages to people who weren't qualified. that's exactly right. that's one of the reasons for the great financial calamity we had. so dodd-frank correctly says we need to have qualified mortgages. and if you give a mortgage that's not qualified there are big penalties. except they didn't ever go on to define what a qualified mortgage was. >> all right. >> it's been two years. we don't know what a qualified mortgage is yet. so banks are reluctant to make loans, mortgages. try and get a mortgage these days. it's hurt the housing market, because dodd-frank didn't anticipate putting in place the kinds of regulations you have to have. it's not that dodd-frank was always wrong with too much regulation. sometimes they didn't come out with a clear regulation. i will make sure we don't hurt the functioning of our marketplace and our businesses because i want to bring back housing and get good jobs. [ woman ] it's 32 minutes to go time, and the candidate's speech is
let me mention other regulation in dodd-frank. you're saying we're giving mortgages to people who weren't qualified. that's exactly right. that's one of the reasons for the great financial calamity we had. so dodd-frank correctly says we need to have qualified mortgages. and if you give a mortgage that's not qualified there are big penalties. except they didn't ever go on to define what a qualified mortgage was. >> all right. >> it's been two years. we don't know what a qualified...
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this we were talking about mitt romney's lies here is his lie on dodd frank. i wouldn't disagree five banks is too big to fail and give them a blank check that's one of the unintended consequences that dodd frank it wasn't thought through properly we need to get rid of that provision. the fact the matter is that provision doesn't exist banks are designated as systemically significant which is not a good thing as it means that they have to abide by more stringent regulations plus the banks all have basically living wills to be wound down not bailed out dodd frank and small imitates bailouts no it doesn't at all if you look at the language of dog frank it gave the fed more power to give loans to these institutions and wall street the too big to fail institutions are all bigger now ever since the meltdown on wall street that that in receded rank no they're bigger now than they were when the economy melted down two thousand is in-style bring all businesses are bigger now but the economy has grown. frank didn't solve any of the problems is systemic problems we had
this we were talking about mitt romney's lies here is his lie on dodd frank. i wouldn't disagree five banks is too big to fail and give them a blank check that's one of the unintended consequences that dodd frank it wasn't thought through properly we need to get rid of that provision. the fact the matter is that provision doesn't exist banks are designated as systemically significant which is not a good thing as it means that they have to abide by more stringent regulations plus the banks all...
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Oct 4, 2012
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let me mention another regulation of dodd frank. you say we were giving mortgages to people who weren't qualified. that's right. that's one of the reasons for the great financial calamity we had. dodd frank correctly said, fee we need to have qualified mortgages. if you give a mortgage that's not qualified, there are big penalties. but they didn't define what a qualified morning was. >> jim: all right. >> it's two years, we don't know what a qualified mortgage is yet. so banks are reluctant to make mortgages, try to get a mortgage. it's hurt the housing market because dodd frank didn't anticipate putting in place the kinds of regulations you have to have. it is not that dodd frank was always wrong. sometimes they didn't come out with a clear regulation. i will make sure we don't hurt the functioning of our marketplace because i want to bring back housing and get good jobs. >> jim: i think we have another clear difference between the two of you. now, let's move to health care, where i know there is a clear difference. and that has to
let me mention another regulation of dodd frank. you say we were giving mortgages to people who weren't qualified. that's right. that's one of the reasons for the great financial calamity we had. dodd frank correctly said, fee we need to have qualified mortgages. if you give a mortgage that's not qualified, there are big penalties. but they didn't define what a qualified morning was. >> jim: all right. >> it's two years, we don't know what a qualified mortgage is yet. so banks are...
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now, governor romney said he wants to repeal dodd-frank. and i appreciate and it appears we have some agreement that a marketplace to work has to have some regulation. but in the past, governor romney says he wants to repeal dodd-frank, roll it back. so the question is, does anybody out there think that the big problem we had is that there was too much oversight and regulation of wall street? because if you do, then governor romney is your candidate. but that's not -- >> sorry, jim. that's not the facts. we have to have regulation on wall street. that's why i'd have regulation, but i wouldn't designate five banks too big and fail and give them a blank check. one of the unintended consequences of dodd-frank. it wasn't thought through properly. we need to get rid of it, regional and small banks are getting hurt. another regulation, we were giving mortgages to people who weren't qualified. exactly right. one of the reasons for the great financial calamity we had. and dodd-frank says we need qualified mortgages and if you give a mortgage that's
now, governor romney said he wants to repeal dodd-frank. and i appreciate and it appears we have some agreement that a marketplace to work has to have some regulation. but in the past, governor romney says he wants to repeal dodd-frank, roll it back. so the question is, does anybody out there think that the big problem we had is that there was too much oversight and regulation of wall street? because if you do, then governor romney is your candidate. but that's not -- >> sorry, jim....
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in dodd-frank -- >> would be repealed dodd-frank? >> i would replace it. there are some parts that make all the sense in the world. you need transparency, you need leverage limits. let me mention the other one -- >> let's not. let's let him respond to this specific on dodd-frank. >> i think this is a great example. the reason we have been in such an enormous economic crisis was prompted by a reckless behavior across the board. it was not just on wall street. you had a loan officers that were given loans and mortgages that really should not have been given because people did not qualify. people were barley money for house is they cannot afford. -- people were borrowing money for houses they could not afford it. you had banks making money hand over fist turning out products that the bankers themselves did not understand in order to make big profits but knowing it made the entire system of marble. what did we do? we stepped in and had the toughest reforms on wall street since the 1930's. you have banks. you have to raise your capital requirements. you cannot
in dodd-frank -- >> would be repealed dodd-frank? >> i would replace it. there are some parts that make all the sense in the world. you need transparency, you need leverage limits. let me mention the other one -- >> let's not. let's let him respond to this specific on dodd-frank. >> i think this is a great example. the reason we have been in such an enormous economic crisis was prompted by a reckless behavior across the board. it was not just on wall street. you had a...
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if you didn't have what dodd-frank repeated again. you wouldn't have monopolies and all of the things if the government was not in there. competition. if i had 15 people making a product and selling that product. best product would come out. two or three people doing it that doesn't happen and the federal government is the cause of all of this and not the solution. >> i totally agree. >> they are better off not doing something than doing something wrong. >> wayne, you said the constitution was written by people afraid of the government. they said we should have term limits and unfortunately that is where we are now. >> i got to leave it there, coming up. forget cooler attempts and heating bills this winter. is the eta turning up the heat on energy companis and the new regulation burning up your@7 >> grab a coat and your checkbook. it could be a cold and costly winter. new report said fracking and contaminated water. now, johnathon is worried that it will lead to a crack down for fracking for natural gas. >> the reason that oil prices
if you didn't have what dodd-frank repeated again. you wouldn't have monopolies and all of the things if the government was not in there. competition. if i had 15 people making a product and selling that product. best product would come out. two or three people doing it that doesn't happen and the federal government is the cause of all of this and not the solution. >> i totally agree. >> they are better off not doing something than doing something wrong. >> wayne, you said the...
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frank you know for all the criticism of dodd frank what dodd frank also has in it is that prohibits these unsavory unsustainable lending practices including making a loan to someone who doesn't have the ability to pay so whatever you think of dodd frank this stuff in there including the consumer agency that's going to ensure that that sort of thing that you were just talking about is not going to care occur in the future and i agree with you working with the private sector you know but they're not going to do things in a way other than to maximize profit which may be just to be a slum landlord for two three years flip the property down the road when the housing market comes back and we just need more thoughtful purposeful you know engagement by the. it sector and that's not going to happen if you just say let the free market be free free to abuse free to you know only think about one thing and that's profit for the for their investor i want to bring up another point here because as these homes millions of them stand vacant and there's a lot of other consequences i mean these neighbo
frank you know for all the criticism of dodd frank what dodd frank also has in it is that prohibits these unsavory unsustainable lending practices including making a loan to someone who doesn't have the ability to pay so whatever you think of dodd frank this stuff in there including the consumer agency that's going to ensure that that sort of thing that you were just talking about is not going to care occur in the future and i agree with you working with the private sector you know but they're...
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>> you would repeal dodd-frank? >> there are some parts of dodd- frank that make all the sense in the world. you need transparency. indeed to have leverage limits. thist's let him respond to specific on dodd-frank and what the governor just said. >> i think this is a great example. the reason we have been in such an enormous economic crisis was prompted by reckless behavior across the board. it was not just on wall street. you had loan officers who giving loans and mortgages that shoold+ not have been given because there were folks that did not qualify. people were borrowing money to buy houses they could noo afford. credit agencies were stamping these as a-1, great investments when they were not. you had banks making money hand over fist, turning out products that the banks themselves did not understand, in order to make big profits, but knowing that it made the entire system vulnerable. so what diddwe do? we stepped in and had the toughest reforms on wall street since the 1930's. we said to the banks, you have to
>> you would repeal dodd-frank? >> there are some parts of dodd- frank that make all the sense in the world. you need transparency. indeed to have leverage limits. thist's let him respond to specific on dodd-frank and what the governor just said. >> i think this is a great example. the reason we have been in such an enormous economic crisis was prompted by reckless behavior across the board. it was not just on wall street. you had loan officers who giving loans and mortgages...
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there have been 122 community small banks have closed since dodd frank. >> you want to repeal dodd frank? >> i would repeal and replace it. you have to have regulation. and there's some parts of dodd frank that make all the sense in the world. you need transparency, you need to have leverage limits for institutions -- >> here's a specific -- >> let me mention the other one -- >> no, let's not. let's let him respond to this specific on dodd frank and what the governor just said. >> i think this is a great example. the reason we have been in such a enormous economic crisis was prompted by reckless behavior across the board. it wasn't just on wall street. you had loan officers that were given loans and mortgages that really shouldn't have been given, because the folks didn't qualify. you had people who are borrowing money to buy a house that you couldn't afford. you had credit agencies that were stamping these as a-1 great investments when they weren't. but you also had banks making money hand over fifth, churning out products that the bankers themselves didn't even understand in order to m
there have been 122 community small banks have closed since dodd frank. >> you want to repeal dodd frank? >> i would repeal and replace it. you have to have regulation. and there's some parts of dodd frank that make all the sense in the world. you need transparency, you need to have leverage limits for institutions -- >> here's a specific -- >> let me mention the other one -- >> no, let's not. let's let him respond to this specific on dodd frank and what the...
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in some respects dodd-frank certainly encourages central clearing. however, it also penalizes banks from using central clearing through limitations on their exposures to certain counterparties without excluding central -- ccps from those limitations. that's only one of quite a number of important little idiosyncrasies within the law and within regulation as it's been implemented. so maybe to finish off, all this emphasis on transparency, on risk mitigation in the derivatives area has boiled down to the conclusion that many of these dangers, many of these scary things are going to be fixed by central clearing and that central clearing is somehow a panacea because instead of having individual participants in the derivatives market face one another and conduct their own credit evaluations and rely on their course of dealing over years, rely on netting which has proved effective for decades, instead they should rely on a central entity, a central clearing entity which needn't necessarily be a bank. so, again, it makes you sort of scratch your head if you
in some respects dodd-frank certainly encourages central clearing. however, it also penalizes banks from using central clearing through limitations on their exposures to certain counterparties without excluding central -- ccps from those limitations. that's only one of quite a number of important little idiosyncrasies within the law and within regulation as it's been implemented. so maybe to finish off, all this emphasis on transparency, on risk mitigation in the derivatives area has boiled...
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Oct 26, 2012
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but dodd-frank further that effort. for instance, january 2011, the commission adopted the first approximately dozen required rule-making related to nationally recognized statistical rating organizations, or an srs owns, and rating agencies. and in may 2011, the commission published for public comment a series of proposed rules that would further strengthen the integrity of credit ratings including improving their transparency. additionally the sec has acted to end regulator reliance and reduced investor reliance on credit ratings and to ensure that ratings are produced independently of client influence yielding more accurate data for investors to analyze. for instance, we removed reference to credit ratings in 18 of our rules and about half of those were removed it for dodd-frank was even passed. and earlier this year as required by the act, will establish the office of credit ratings within the sec which a play key role as we move to finalize rules, including among other things proposals designed to prevent sales and
but dodd-frank further that effort. for instance, january 2011, the commission adopted the first approximately dozen required rule-making related to nationally recognized statistical rating organizations, or an srs owns, and rating agencies. and in may 2011, the commission published for public comment a series of proposed rules that would further strengthen the integrity of credit ratings including improving their transparency. additionally the sec has acted to end regulator reliance and...
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there were half an hour of referencing dodd/frank, some people don't know what dodd/frank is. some people may think that's a guy named dodd frank. >> i thought the same thing. there were a couple -- the same with bowles-simpson. long discussions were, i guess, music to ears of dorks like us. if you're a regular person -- >> not music to my ears. >> -- living your wife, a persuadable voter do you know what the conversation is? that's why the style points matter. >> look what happens, every time we have debate season, out come the stories that talk about the big moments in debate history. there really are five. at the end of the day, you have to go back to the '60s to get to the big moments, right? we can all name them. all of them except for ford saying that poland didn't need to be liberated or whatever, they're all on style, not substance, which is why it matters what happened last night. >> it's not style, it's emotional. it's feeling. and i think that that's the -- that's the part about obama that i thought was the most lacking. it wasn't about -- yes, it was wonky, got int
there were half an hour of referencing dodd/frank, some people don't know what dodd/frank is. some people may think that's a guy named dodd frank. >> i thought the same thing. there were a couple -- the same with bowles-simpson. long discussions were, i guess, music to ears of dorks like us. if you're a regular person -- >> not music to my ears. >> -- living your wife, a persuadable voter do you know what the conversation is? that's why the style points matter. >> look...
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there have been 122 community and small banks have closed since dodd-frank. >> you want to repeal dodd-frank? >> romney: i would repeal and replace it. you have to have some regulation. you need transparency and leverage limits -- >> excuse me -- >> romney: let's talk -- >> let's let him respond -- let's let him respond to this specific on dodd-frank and what the governor just said. >> obama: i think this is a great example. the reason we have been in such an enormous economic crisis was prompted by reckless behavior across the board. it wasn't just on wall street. loan officers were giving loans and mortgages that really shouldn't have been given because the folks didn't qualify. people were borrowing money to guy a house that they couldn't afore. and you had banks making money hand over fist churching out products that the bankers themselves didn't even understand in order to make big profits, but knowing that it made the entire system vulnerable. so what did we do? we stepped in and had the toughest reforms on wall street since the 1930s. you said banks you have to ray your capitol requir
there have been 122 community and small banks have closed since dodd-frank. >> you want to repeal dodd-frank? >> romney: i would repeal and replace it. you have to have some regulation. you need transparency and leverage limits -- >> excuse me -- >> romney: let's talk -- >> let's let him respond -- let's let him respond to this specific on dodd-frank and what the governor just said. >> obama: i think this is a great example. the reason we have been in such an...